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1962-2931rTxx G.. V RESOLUTION N0. 2931 RESOLUTION DIRECTING THE ISSUANCE AND SALE OF TENlPORARX IMPROVEMENT BONDS., SERIES 18, TO THE IMPROVEMEIJT BONAS OF 195lt, SERIES B, SINKING FUND IN Ai:CORDANCE WITH MINNESOTA STATUTES 1961., CHAP. ~t29 BL+' IT RESOLVED by the Village Council of the Village of Richfield, Hennepin County, Minnesota, as followsp 1. The total estimated cost of Village Projects Nos. 1t1t5 B, C, D and Village Project No. l~l~, otherwise known as the 1962 Street Grading and 19b2 Sid®walkse has been estab]3shed at.~138,000.00. It is now estimated that the sum of ~138,00o is currently necessary to provide financing .for the cost of said pro ject, and it is hereby determined to be necessary to borrow said amount for the payment of obligations ntow incurred and for expenses necessarily incurred in connection with the construction of said projects. There are hereby crest®d Village Projects Nos. ~~5 B, C, D and Village Project No, l~1G14 Construction Funds into which shall be paid the proceeds of temporary bonds issued pursuant to this resolution, and out of which shell be paid all amounts due and payable as costs or expenses incident to or incurred in connection with the making of said improvements. There is also hereby created Village Project Nos. ~~a5 B, C. D and Village Project No. ~!~la. account in the Temporary Improvement Bonds Sinking Fund into which fund shall be paid the proceeds of all special assess® meats levied against benefited property by reason of the making of said improvem went and out of which shall be paid pringipal and interest on all t®mporary imm provement bonds issued to finance said project. 2. It is her®by determined that the sum of X138,000 shall be borrowed to finance said Village Projects ~~t5 B, C' D and Village Project No. 4!s!a by the issuance of Temporary Improvement Bonds of the village as authori~d in Minne~ sot,a Statutes, Section 129.091, Subdivision 3. Said bonds shall be payable from th® Temporary Improvement Honds Sinking Fund, Village Projects No. 1~>.~5 B, C~, D and Village Project No, !~la.1.~. accounts; but the village further recognises its statutory duty, as provided by Section x.29.091, and covenants and afire®s with the purchaser and all. holders from time to time, of said temporary improvem®nt bonds, at or prior to the maturity thereof it will pay and retire such bonds and the interest thereon out of the proceeds of definitive improvement bonds which the council shall issue and se11 at or prior to the maturity of the Temporary Bonds, to the extent that the same cannot be paid out of funds available in the T®mporary Improvement Bonds Sinking Fund, Village Projects Ieo. xl~5 B, 0, D anc~ Village Project No. !~l~li., or out of other municipal funds which are properly available and are appropriated by the council for such purpose. 1 m2m Bond 3. It is hereby det®rmined to levy special assessments against ben®fited property by reason of the mak3.ng of Villag® Project No. l~li.5 H, Ca D and Village Pro3ect No, L~ls. and ad valorem texas, if necessarye toproduce sums at 1®ast 5~~ in excess of the amounts suffici®nt to pay principal and interest when due on said t®mporary improvement bonds and on any de® finitive bonds to be issued as herein providede such special assessments to be placed on the tax rolls subsequent to the time when said Villa g® Pro~~cts have been completed and the total cost th®reof has been deter® mined. ' ~e Said temporary improvement bonds in the amount of X1389000 shall be dated December 19 1962; shall be one in number and numbered l,~in the de® nomination of X13890009 shall bear interest et the rate of ~i~ per annum9 payable semi~annual7:y on June 1 and December 1 of each year9 and shall matur® on December 19 196lt9 shall be subject to redemption and prapaym went of any interest payment dates at par and accrued interest. Not less than 30 days before th® date sp®cified for red®mption of said bonds the Village Treasurer shall. mail notice of the call thereof to the hold®ra if known9 and said Treasurer shall maintain a record of the names and adm dresses of the holders of said bonds insofar as such information is made available to him by the holders thereof9 for the purpose of mailing said notices. The principal of and int®rest on said bonds shall be payable at the Richfield Village Hall., 6700 Portland .Ave.9 Minneapo]~.s 238 Minnesota. K. Said temporary improvement bond shall be mimeographed with attached interest coupon in~substantially the following forme I~ UNITED STATES OF A,MERIOA S TA Tom' OF MINNESOTA tAUNTY OF HENNEPTN VILLAGE OF RIOHE'IELD TEMPORARY TMPROVEP9ENT BONDS SERIES EIGHTEEN NOe ~1389000m NNC~`~ ~:LL MEN BY THESE PRESENTS that the Village of Richfi®],d9 a duly organ3.zed municipal corporation of Hennepin ~County9 M~.nnesota acknowledges itself to be indebted and for value received9 promises to pay to b®arer the sum of ONE HUNDRED THIRTY~ETGHT THOUSAND DOLLARS on the first day of December lgbi~9 or on a date prior thereto on which this bond has been duly called for red®mption9 and to pay interest thereon from the date h®x°®of until paid or until this bond has been duly called for redemption at the rate of four percent (!~~) per annum' payable semi-annually on the first day of June and the first day of December in each year9 interest to maturity be~ ing payable in accordance with and upon purchase and surrender of the in- terest coupon appurtenant thereto. Both principal and interest are payable at the Village Ha119 Village of Richfield9 670fl Portland Ave.9 Minneapolis 239 Minnesota in any currency of coin of the United Stet®s of America which on the respective dates of payment is public tender for private and public debts. For the prompt and full payment of such principal and inter® est as the same become due the full faith9 credit and taxing powers of the Villag® are hereby irrevocably pledged. This bond is one a.n number in the aggregate principal amount of X13890009 issued by said village for the purpose of defraying expenses incurred and to be incurred in construction of an improvement designat®d as aVillage Pro3ects NOo ~t11Jr B9 'C9 D and Village Project Nos Zip-41~°tlby the Village of Richfield9 consisting of street grading and sidewalks9 and is issu®d pur~ scant to and in full conformity with r®solutions duly adopted by the V~.llage Council after hearings as required by law and pursuant to and in full con® fortuity with the Donstitution and Laws of the State of Minnesota thereunto enabling9 including Minnesota Statutes9 Section 129,0919 Subdivision 3. This bond is payable primarily from the Temporary Improvement Bonds Sinking Fund9 Village Proaect No. ~~t5 B9 C9 D and Village ~'ro3ect No. ~.l~,1~ .~cc®unts of the.village8 but the Council is required to pay the principal and in® tercet thereon out of any funds in the treasury in the event that the mon~,es on hand in said funds are at any time insufficient to meet the pa y ment of maturing principal and interest9 and is further required at or prior.to the maturity of this bond9 to provide for the payment and retire® went thereof by the issuanc® of definitive bonds9 to the extent9 if any9 that the assessm®nts and taxes or other municipal funds therefore collect®d and received in said Sinking Fund may be insufficient for such purpose. -l~- Bonds This bond is subject to redemption and pre-payment at the option of the village on any inter®st payment dates at a price of pax and accrued inm terest~ upon notice of call for redemption mailed not less than 30 days prior to the date specified for such redemption9 to the holders if known. Bond holders desiring to r eceive such notice may have. their names and ad® dresses and the serial number of their bond recorded by the Villag® Trgasur®r. IT IS HEREBY tERTIT'IED9 REDITED~ ~7DVENANTED AND AC,REED that all actsa conm ditions and things required by the Constitution and laws of the State of Minnesota to be done8 to exist9 to happen and to be performed preliminary to and in the issuance of this bond in order to make it a valid and bind- ing general obligation of said village according to its terms have b®en done9 do exist9 have happened and have been perform®d as so requir®d9 that the villag® has duly determined the necessity of and provided for the construction of said improvement; that the Temporary Improvement Bonds Sinking Fund9 V311age Projects No. !~l45 Bs C9 D and Village Pro3ect No. !~!~ have been duly created and provision has been made for the support thereof by ad valorem taxes and special assessments to be levied at or prior to the time of issuance of-said definitive bondsa for the years and in aggregate amounts not less than five percent (5~) in excess of sums sufficient to pay the principal and interest on all bonds payable from said fund as such principal and interest become due9 and additional taxes if need®d for said purpose may be levied upon all taxable property in the villages without limitation as to rate or amount; that the hold®r hereof shall have and may enforce by appropriate proceedings all duties imposed by said Chapter 1129 upon the v311age and its officers with reference to the levy and collection of said assessments and taxes and the issuance of said d®finitive bonds and that the issuance of this bond did not caus® the indebtedness of said village to exceed any constitutional or state= Cory limitations IN WITNESS WHk:REO~' the Village of Richfie].d9 Hennepin County9 Minnesota by its Village Council9 has caused this bond to be executed in its behalf by th® signature of its Mayor and Manager and sealed with its official sea18 and the interest coupons appurtenant thereto to be ®xecuted and auth®nticated by the facsimile signatures of said officersa and has caused this bond to bg dated as of December 18 19b2o (SEA1) ayor anager 1 ..~ Bonds (Form of Coupon} Unless the bond described below i$ called for earlier redemption No. One ~2760.Oo On the first day of June (December) 19 , the Village of Richfield, Hennepin County, Minnesota, will pay to dearer at the Village Ha11 of th® Village of Richfield, 6700 Portland Ave.' Minneapol3.s 23, Minnesota,~the sum of TWO THOUSAIV~ SRVIIV HUNDR.~'D SIXTY AND NO/100 DOLLARS lawful money of the United States of America for interest then due on its T®mporary Improvement Bonds, Series 18, Dated December 1, 1962. No. One. Mayor Manager 6. Said bond shall be prepared under the direction of the Village Clark and shall be executed on behalf of the village by the signatures of the Mayor and Manager, and the corporate seal of the village shall be affiaced thereto, and the appurtenant interest coupon shall b® executed and authen® ticated, by the printed, engraved or lithograph®d facsimile signatures of said Mayor and Manager. When said bond has been executed and authenticated, it shall be delivered by the Treasurer to the purchaser thereof, upon pay® ment of the purchase price heretofore agreed upon and said purchaser shall not be obliged to see to the application thereof, 7. The Village Clerk is hereby authorized and d3xected to file a certi~ fied copy of this resolution with the County Auditor of Hennepin Coue~ny, together with such other information as he shall require and to obtain from said 'County auditor a cr~rtificate that -said bond has been enter®d on his bond register. _ 8. The officers of the Village and the County Auditor of Hennepin County are hereby authorized and directed to prepare and furnish to the purchaser of said bond and to the attorneys approving the legality of the issuance there~f9 cert,~~°ied copies of all px°oceedings and records relating to said bonds and to the .financial affairs of said village, and such other affida® vita, certificates and information as may be required, to show the facts relating to the legality and marketability of said bonds as the same appear from the books and records under their custody and control or as oth®x°uaiss known to vhem, and such certificates, certified copies and affidavits in= eluding any heretofore furnished, shall be d®emed representations of the 1 m6- Bonds village as to the correctness of all statements contained thereon. 9. Tt is hereby determined that th®re is at the present time an am®unt in excess of X1389000 in the Improvement Bonds of 195,.9 Series B, Sinking Fund which will not be required for other purposes prior to Dec®mber 19 19b1t. 10. Tt is her®by determined to purchase the aforementioned X1389000 t®mporary improv®mant bond9 Series 18 upon its initial issuanc® in acm cordance with the provisions of Minnesota Statutes9 Section 1171.56 and ~.?5,669 out of funds in the. Improvement Honda of 195.9 Series B, Sinkm ins Fund and on b®half of said funde at par and accrued interest as of the date of d®13v®ry of said bonds and completion of such sales it being further determined to be reasonabl® and advantageous to the 1962 Stx°eet Grading and sidewalk Program to inv®st in said temporary 3.mprovem®nt bond9 Series 189 and it being further determined to be reasonable and advantageous to the Village to sell said temporary 3.mprovsment bond9 Series 18 in accordance with the provisions of this resolution. 11. The Vil1a~~ Manager9 Mayor and Finance officer ar® h®reby author= ized and direct®d to take any and all steps necessary to affect the pro® visions of the foregoixig resolutions and to make such transfers of funds as may be nsceassary from time to time9 to give ®ffect to the provisions thereof. Passed by th® village council this 17th day of Decembers 1962. ATTFSTp r~ Edward J. Mo n®9 Clerk-Treas. . Olson9 Mayor Evan xreve.~e n9 1